• May 29, 2012

General Mills has agreed to acquire Brazilian food company Yoki Alimentos for $857 million.

As part of the deal, expected to close during the first half of its fiscal 2013 (which starts May 28, 2012), General Mills will assume $98 million in debt, reports Food Business Review.

The acquisition is expected to more than double General Mills' annual Latin American sales of nearly $1 billion.

The company plans to focus on building the portfolio of Yoki and Kitano products being acquired, expanding its existing Haagen-Dazs and Nature Valley businesses in Brazil, and introducing additional General Mills brands in the market, EVP and COO Chris O'Leary told FBR.